BNP 法国巴黎银行：中国银行和保险业研究

48页 04.24 24 April 2007

BNP Financials/Banks & Insurance

Contents
Macro shows no sign of slowing, why should micro? ................ 3
Robust macro growth and favourable 2006 earning results reiterate our positive view on China banks.
Favour CMB and CCB as top BUYs.
Too much value not embedded ..................... 12
1Q07 premium growth much higher than expected. Concern over impact from rising stock market
mitigated. Fastened deregulation in financial sector makes China Life the largest beneficiary. Upgrade
to BUY.
Company updates..................... 17
China Merchants Bank 18
China Construction Bank 21
ICBC 24
China Life 27
BOC 30
Ping An Insurance 33
Bank of Communications 36
China Insurance 39
PICC 42